15th November 2023

China life insurance industry to surpass $890bn by 2028-GlobalData

The Chinese life insurance industry is forecast to grow at a compound annual growth rate(CAGR) of 9% over 2024–28, from CNY4.0tr($597.1bn) in 2024 to CNY5.6tr($893.2bn) in 2028, in terms of direct written premiums(DWP), according to GlobalDat.
According to GlobalData’s Insurance Database, China’s life insurance industry is estimated to grow by 9.6% in 2024, supported by economic recovery, conducive regulatory developments, and increased awareness of health and financial planning after the pandemic, which led to a rise in the demand for whole life and personal accident and health(PA&H) insurance policies.

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